MOUNTAIN GROVE, Mo., March 22, 2013 (GLOBE NEWSWIRE) -- First Bancshares, Inc. (OTCQB:FBSI), the holding company for First Home Savings Bank ("Bank"), today announced the termination of the Agreement that First Home Savings Bank had entered into with the Director of the Division of Finance of the State of Missouri and the Federal Deposit Insurance Corporation on November 3, 2011. The termination of the Agreement is effective on March 15, 2013.
"We are pleased that our regulators have acknowledged the significant improvements at the Bank," said Brad Weaver, Chairman, President and Chief Executive Officer of the Bank. "Many of the items contained in the Agreement with the regulators consisted of Best Practices and we have implemented revised policies and procedures so we can continue to follow these guidelines going forward. I would like to thank the entire team at the Bank for its dedication and commitment that have enabled us to attain this important milestone. With a solid capital foundation, we are well positioned for the future as we continue to execute on our strategies and priorities to strengthen our franchise."
First Bancshares, Inc. is the holding company for First Home Savings Bank, an FDIC-insured savings bank chartered by the State of Missouri that conducts business from its home office in Mountain Grove, Missouri and eight full service offices in Marshfield, Ava, Gainesville, Sparta, Springfield, Crane, Kissee Mills and Rockaway Beach, Missouri.
The Company and its wholly-owned subsidiary, First Home Savings Bank, may from time to time make written or oral "forward-looking statements," including statements contained in its filings with the Securities and Exchange Commission, in its reports to stockholders, and in other communications by the Company, which are made in good faith by the Company pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include statements with respect to the Company's beliefs, expectations, estimates and intentions that are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond the Company's control. Such statements address the following subjects: future operating results; customer growth and retention; loan and other product demand; earnings growth and expectations; new products and services; credit quality and adequacy of reserves; results of examinations by our bank regulators; technology, and our employees. The following factors, among others, could cause the Company's financial performance to differ materially from the expectations, estimates and intentions expressed in such forward-looking statements: the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; the effects of, and changes in, trade, monetary, and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; inflation, interest rate, market, and monetary fluctuations; the timely development and acceptance of new products and services of the Company and the perceived overall value of these products and services by users; the impact of changes in financial services' laws and regulations; technological changes; acquisitions; changes in consumer spending and savings habits; and the success of the Company at managing and collecting assets of borrowers in default and managing the risks of the foregoing.
The foregoing list of factors is not exclusive. The Company does not undertake, and expressly disclaims any intent or obligation, to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.
CONTACT: R. Bradley Weaver, President and CEO - (417) 926-5151